when president obama delivers his state of the union speech tuesday, one big issue will be sequestration. $85 billion in automatic spending cuts, due to kick in, march 1st. the white house now warns this will mean damaging layoffs of teachers, law enforcement and food safety inspectors. and, the pentagon will be hit, too. they propose a mix of spending cuts and, yes, more taxes, through limiting deductions, for the wealthy. i sat down late friday with house democratic leader nancy pelosi and asked her about the fast-approaching deadline. congressman pelosi, welcome back to fox news sunday. >> welcome to the capitol. >> chris: the white house says, sequestration will have a severe effect on many americans. house republicans agree. but they say the answer is to find other spending cuts, not tax hikes. >> well, i think that the sequestration is a bad idea, all around. it is something that is out of the question. the fact is, we have had plenty of spending cuts, $1.6 trillion in the budget control act. what we need is growth, growth with jobs and if you have spending cuts, education of our c